Dubai builder Arabtec launches venture with Samsung Engineering

Arabtec, the construction firm part-owned by Abu Dhabi state fund Aabar, said it launched a joint venture with South Korea's Samsung Engineering Co that would focus on large energy and power-related projects in the region.

Wach company will own 40 percent of the new venture, Arabtec-Samsung Engineering, and the remaining 20 percent will be owned by Tasameem Property Investment, Arabtec said in a bourse statement on Tuesday.

Arabtec and Samsung first agreed on the venture in April, saying the two companies would bid for projects in oil and gas, power and infrastructure in the Middle East and North Africa, for contracts worth $3-$10 billion.